fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: USD/JPY Daily Outlook Tue Mar 04, 2014 8:24 am | |
| USD/JPY Daily Outlook Daily Pivots: (S1) 101.20; (P) 101.43; (R1) 101.67; More... Outlook in USD/JPY remains unchanged. Recovery from 100.75 should have completed at 102.82 already. Deeper decline is expected to 100.75 support. Break will resume whole decline from 105.41 and should target 61.8% projection of 105.41 to 100.75 from 102.82 at 99.94 next. Also, note that decisive break of 100.61 key support will have larger bearish implication. On the upside, though, above 102.28 minor resistance will dampen this view and turn focus back to 102.82 instead. In the bigger picture, medium term up trend from 75.56 is in form of a five way impulsive move with rise from 96.56 as the fifth leg. There is no confirmation of reversal yet but a medium term top should be near, if not formed yet. Sustained trading below 55 days EMA would likely bring deeper correction back to 96.56 support and below. But overall, we'll stay medium term bullish as long as 93.78 support holds and expect rise from 75.56 to extend through 50% retracement of 147.68 to 75.56 at 111.62 eventually. | |
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